AstraZeneca (LSE: AZN, OMXS: AZN, NYSE: AZN) raises Core EPS guidance to 7.05 to 7.35 USD range on re-phasing, expected increase in net share repurchases and a beneficial impact from exchange rate movements realised in the first half. AstraZeneca’s board has proposed a first interim dividend of 0.85 USD and, when completed, Astra Tech sale proceeds will go to share repurchases. It consequently also upped shareholder cash return targets for the full year. The company has a dividend policy intending to grow dividend each year.
Second quarter revenue was 8.43 billion USD reflecting 0.5 billion of revenue lost to generic competition and government price interventions. Core operating profit was down 10% to 3.322 billion. R&D expenses were up on several product candidates entering late stage trials. AstraZeneca has opened flat where as the wider market is down sharply to start the day. More information on the company's Q2 page.
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